Web Exclusive | September 2013
Suzlon to sell 75% stake in its Chinese arm for $28 mn
Media reports say that wind turbine maker Suzlon will sell a 75 per cent stake in its Chinese subsidiary, Suzlon Energy Tianjin for $28 million (about Rs 177 crore) to offload its debt burden. Suzlon Group is facing challenging business conditions. The company is selling the 75 per cent stake to China’s Poly LongMa Energy (Dalian) Ltd.
Both the companies have entered into an agreement in this regard. Dalian is a conglomerate focused on conventional and green energy investments.
The company issued a statement on September 18 and said that the first tranche of payment of the $28 million has been completed. It further said that It would continue to own a 25 per cent share in the company and participate in its operations as joint venture partner.